Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please i need done soon!!! You want to ifvest $15,000 and are looking for safe investment options, Your bank is offering you a certificate of

please i need done soon!!!
image text in transcribed
You want to ifvest $15,000 and are looking for safe investment options, Your bank is offering you a certificate of deposit that pays a nominal rate of 12\% that is compounded quarterly. What is the effective rate of return that you will earn from this investment? 12.734%6 12.551% 12.41094 12.636%6 Suppose you decide to deposit $15,000 in a savings account that pays a nominat rate of 904 , but interest is compounded dall, Based on a 365 -day year, how much would you have in the account after nine months? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365, ) 516,047,52$16,689,42$16,369,47$15,566.09

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investments An Introduction

Authors: Herbert B Mayo

10th Edition

0538452099, 9780538452090

More Books

Students also viewed these Finance questions

Question

What and where is the Quick Access Toolbar?

Answered: 1 week ago

Question

factors that affect learni learning

Answered: 1 week ago